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- Daily Scoop 22-7-5
Daily Scoop 22-7-5
👋 Your Tuesday Scoops - Ben & Jerry's Israel exit & American's pilot problems
Today's Scoop:Bumpy
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Big Picture
Manufacturing activity slowed in June.
Oil prices are falling.
The dollar is getting stronger.
The Market:
⬆️
+0.2%
S&P 500: 3,831.39
1Mo:
-7%
| 1Yr:
-12%
| 5Yr:
+58%
Markets recovered from a negative start to the day as investors debated the economy's future.
Economic data has been mixed
. The Commerce Department reported orders for manufactured goods rose more than expected in May, but the Institute for Supply Management's monthly survey indicated slowing factory activity in June.
Manufacturers are hiring
, and
demand for manufactured goods hasn't stalled
, but
things have slowed
.
Oil prices dropped significantly
today as investors worried about a recession leading to decreased demand. Rising gas prices are one of the most significant strains on consumers now, so any major decline at the pump could support the economy.
Despite the considerable economic risks in the United States, Europe has been hit even harder by inflation, gas prices, and slowing growth. The euro hit its lowest exchange rate versus the US dollar in twenty years today, and
the dollar continues to strengthen
against the pound and the yen.
Company Scoops ❤🌎💰
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Unilever
-
American Airlines
-
Comcast's
-
UBS
-
Crocs
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🤓 Inside Scoop...
Prices for
commodities
like
oil
are notoriously volatile and unpredictable. While investor speculation creates much of the volatility, the main price drivers are supply and demand. The trouble is government and institutional decisions can artificially manipulate both sides of that equation. The planet has plenty of oil, but its extraction and distribution depend on geopolitical agreements and corporate business decisions. Oil prices have been climbing because of a supply-demand imbalance over the past year. The world economy shut off, so the demand for planes, cars, and electricity diminished. Suppliers around the world slowed their pumps. Companies cut back. Now, the economy's back in full force, but it isn't so easy to increase production quickly. Nations restricting Russian oil exports add to that low supply. High demand and low supply mean high prices. Prices might fall if investors expect another recession and slower demand.
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